Standard Bank advises on the sale of Chill Beverages and Inhle Beverages
Standard Bank is delighted to announce that it has acted as sole financial advisor to Chill Beverages and Inhle Beverages on the sale of the business to Alterra Capital Partners, Mineworkers Investment Company (MIC) and Admaius Capital Partners.
Chill Beverages and Inhle Beverages are owned by Old Mutual Private Equity and the Management team. Chill Beverages owns energy drink Score, mixer brand Fitch & Leedes, and Chateau Del Rei, a canned sparkling wine product. Inhle Beverages is the co-packer of choice for numerous tier 1 local and multinational companies in South Africa.
“Standard Bank is the right bank to advise on efficient, value-enhancing sell-side processes for our clients,” said Sean Wegerhoff, Executive, Corporate Finance at Standard Bank Corporate & Investment Banking. “Our strong relationships with potential bidders and deep sector understanding means we are able to secure the best deal for our clients.”
Standard Bank also acted as joint lender to Alterra, MIC and Admaius Capital Partners for the acquisition funding.
For the new owners, the proposed deal represents an opportunity to acquire a fully integrated beverages platform of scale, with world-class manufacturing facilities based in Gauteng and the Western Cape, operating in the fast-growing segments of the beverages market, with significant scarcity value.
Alterra is an Africa-focused private equity firm, which targets domestic-facing companies that serve basic consumer and vital business needs.
MIC is a broad-based BEE investment company that targets various sectors, including financial services, health, leisure, business services, industrials, technology, and media.
Admaius Capital Partners is a private equity firm that invests in high impact sectors in Africa, including digital infrastructure, financial services, FMCG, healthcare and education.
“We are very pleased with our investment in the business and a very strong partnership we enjoyed with the Management team. We wish Chill Beverages and Inhle Beverages well as they embark on a new chapter under new owners” said Chumani Kula, Co-Head of Old Mutual Private Equity.